This is a whole reset of the market, said Jonathan Miller, CEO of Miller Samuel, the appraisal firm. We re now seeing $50 million transactions on almost a weekly basis. That s a big change. And it appears to be sustainable.
Prices in Palm Beach are now almost on par with Manhattan, with the price-per-square-foot in Palm Beach topping $1,500 in the quarter, close to Manhattan s $1,545, according to Miller.
Even with record-high prices, buyers are paying up. The number of sales of single-family homes in the second quarter jumped 90% over last year when buying in Palm Beach and Florida was already picking up due to Covid migration.
$50 million homes are selling rapidly in Palm Beach as brokers grapple with mansion shortage
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Joseph Taylor of Matrix Development Group sells Palm Beach home to construction executive Thomas Iovino
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